Every Business needs to live “RICH”…

Jun 11

Every Business needs to live “RICH”…

It was the first question asked by Dina Dwyer-Owens, CEO of the Waco, TX based Dwyer Group at a luncheon this past week in Overland Park, KS. You knew she had a hook in the question, but her delivery was just crafty enough that it invoked several thoughts instantaneously. What is rich? Is this about money? A luxury lifestyle? Define rich?

(If you are a fan of Undercover Boss you may recognize the name, Dina was recently sent undercover to see if her companies were living Rich.)

The audience quickly learned “RICH” was an acronym for the Code of Values that their company was built on over 30 years ago. It is the secret sauce. The constant. The part that never changes regardless of the economy, what business they are in, where they are located, or who it involves. In good times and in bad times the company strives to lead and operate following what is defined in RICH.

At the Dwyer Group living RICH means….

Respect – Treat others as you want to be treated.

Integrity – Your word counts. Do what you say.

Customer Focus – Maximizing Customer Loyalty, Listening.

Having Fun in the Process!

They attribute much of their success to building their business on these principles. She also credits her faith (she is Catholic) for her values and work ethic, and then living them. Today the Dwyer Group has over 1,600 franchises operating under a number of different brands around the world. As an integral part of their DNA, their culture, if you are part of the company you are expected to live RICH. It is a clear testimony of the value in clearly defining who and what your company it at the core.

Now the reality…..

Dina suggested only 5% of all businesses actually follow their vision-mission-values statement! She said it doesn’t matter how nice your values look on the wall or how cleverly it’s written, if the leaders don’t live it, the company will not either and it means nothing.

Most of us have seen these plaques she is talking about. The company has a heartwarming, inspiring mission statement, powerful core values, or an inspiring vision statement that has absolutely no bearing on how the company actually operates. How many times have you seen this?

Another startling percentage…

“77 percent (of businesses) have yet to achieve their vision for their company”.

– Inc. Magazine, June 29, 2010

It is hard to achieve your vision if you don’t know what it is. A good place to start is figuring out what are the things that will stand the test of time. The ideals, principles, or values you want to be the foundation of your business regardless of what your business actually does. It does not need to be displayed on a wall. It doesn’t need to be a catchy word or acronym. What it needs to be is real, genuine, and what you want your company to be about at the core. Then your business will live its own version of “RICH”.

What do you think? If you have a mission-vision-values statement, do you live it? Do your employees? If asked, can your employees recite/explain it? I would enjoy hearing your thoughts and how this impacts your business – talk back in the comments below.